Financial Services and Insurance

Cravath represented the underwriters in connection with the $2.5 billion registered fixed‑to‑floating rate notes offering of JPMorgan Chase & Co., a leading global financial services firm. The transaction closed on November 29, 2024.

On December 3, 2024, OMERS Private Equity, which manages investments globally on behalf of OMERS, one of Canada’s largest defined benefit pension plans, announced the signing of a definitive agreement to acquire a majority stake in Integris, a leading provider of IT services in the United States, from Frontenac, a Chicago‑based private equity firm. Financial terms of the transaction were not disclosed. Cravath is representing OMERS Private Equity in connection with the transaction.

On November 19, 2024, Robinhood Markets, Inc. (“Robinhood”) announced that it has entered into an agreement to acquire TradePMR, a custodial and portfolio management platform for Registered Investment Advisors. Final deal consideration is expected to be approximately $300 million, subject to customary purchase price adjustments, consisting of a mix of cash and stock. Cravath is representing Robinhood in connection with the transaction.

Cravath represented the initial purchasers in connection with the $400 million and C$150 million 144A/Reg. S high‑yield senior notes offering of goeasy Ltd., a leading full‑service provider of goods and alternative financial services that improve the lives of everyday Canadians. Cravath also represented the dealer manager in connection with goeasy Ltd.’s concurrent debt tender offer. The transaction closed on November 4, 2024.

Cravath represented the underwriters in connection with the $2.3 billion registered senior notes, floating rate senior notes and fixed-to-floating rate senior notes offering of State Street Corporation, a provider of a broad range of financial products and services to institutional investors worldwide. The transaction closed on October 22, 2024.

Cravath partner and Co‑Head of the Firm’s Private Equity Practice David J. Perkins was the featured guest on the December 5, 2024 episode of The Deal’s “Drinks With The Deal” podcast. In the interview, Dave spoke about his education at the U.S. Military Academy at West Point and described the series of decisions and events that led him into corporate law. Dave reflected on his time as a young associate at Cravath, praising the Firm’s rotation system which gave him exposure to the full suite of corporate legal practice, and how during that time he was called up from the U.S. Army Reserve to serve in Afghanistan—a formative experience for his life and career. Dave also discussed his later joining of Cravath’s partnership and his approach to building the Firm’s growing private equity practice.

In November 2024, Cravath partner Evan Norris was featured as a guest on the third episode of the Federal Reserve Bank of New York’s “Bank Notes” podcast series on banking culture reform. During the conversation, Evan discussed the FIFA corruption investigation, drawing on his experience as a former federal prosecutor, and reflected on lessons for the financial services sector from his work in government and private practice. Evan also addressed the importance of building cultures of strong compliance within large organizations and the ways misconduct can be harnessed as an opportunity for broad-based learning and meaningful improvement.

Cravath partner Jelena McWilliams participated in FinRegLab’s 2024 AI Symposium, which was held on November 21, 2024, in Washington, D.C. The event convened leaders in financial services, technology and public policy to engage with key topics surrounding the risks and opportunities created by AI in the financial services landscape. Jelena moderated a panel entitled “Beyond Innovation for Innovation’s Sake: Building with and For People’s Financial Lives,” in which panelists discussed the potential they see with AI, how to place appropriate safeguards and design around consumer well-being and the challenges policymakers face in guiding the technology.

On November 19, 2024, Cravath partner Jelena McWilliams participated in the American Fintech Council’s 2024 Policy Summit in Washington, D.C. The event convened industry leaders, academics, consumer groups and policymakers to discuss emerging trends and the future of financial technology. Jelena was featured in a keynote fireside chat entitled “An Update on Responsible Regulation for Smart Innovation.”

On November 12, 2024, Cravath partner Jelena McWilliams participated in The Clearing House’s 2024 Annual Conference, which was held from November 12‑13 in New York. The event convened senior financial services executives, policymakers, technology companies and professional services firms to discuss strategic issues, challenges and opportunities for financial institutions. Jelena spoke on a panel entitled “Whose Business Judgement? The Intersection of Regulation, Independent Risk Management, and Innovation,” which reviewed the expanded complexity of bank regulation and related supervisory requirements and considered how regulated financial institutions can embrace a culture of compliance while reducing bureaucracy.